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HomeMy WebLinkAboutAGENDA REPORT 1997 0716 CC REG ITEM 08ASTAFF REPORT TO: Mayor and Members of the Moorpark City Council I FROM: RICHARD HARE DEPUTY CITY DATE: July 16, 1997 1/Y -755 ITEM Re - CITY OF MOORPARK, CALIFORNIA City Council Mating Of. 4111(-:� 1 ,� ACTION: SUBJECT: City of Moorpark Community Facilities District 97 -1 (Proposed) (Carlsberg Business Park Public Improvements) BACKGROUND On December 18, 1996, the City Council approved the recommendations of the City's Financial Advisor and engaged the professionals necessary to proceed with the preparation of documents related to the formation of the proposed Community Facilities District No. 97 -1, Carlsberg Business Park Public Improvements (CFD 97 -1) and the proposed issuance of Special Tax Bonds. CFD 97 -1 and the related Special Tax Bonds will fund basic infrastructure for the business park /sub - regional retail commercial portion of the Carlsberg site (Specific Plan 92 -1). The District is expected to comprise approximately 40 acres of sub - regional retail /commercial development and 33 acres of business park development. However, the District may be expanded to 73 acres of sub - regional retail /commercial uses consisting of a maximum of 795,000 square feet of retail /commercial space. Alternatively, the business park uses may be expanded from 33 acres to 73 acres if required to accommodate a single corporate headquarters or similar campus -style use. Approximately 1,900,000 square feet of office buildings on the 73 acres would be permitted in this configuration. Tract 4973 subdivides the 73 acres within the District into Lots 1, 2 and 4, comprised of 29, 11 and 33 acres, respectively. These three large lots may be further subdivided into smaller lots to accommodate a variety of retail, commercial and business users. The public improvements being financed with the proceeds from the sale of the Bonds (the "Project ") are expected to include the construction of (including engineering and design) power, telephone and gas utilities, street (including portions of Science Drive, New Los Angeles Avenue and Spring Road), curb, gutters, sidewalks, hiking and open 1 B.M0.07/09/97 STFRPT3.02 space trails, landscape, hardscape and striping, traffic signals, street signs and street lights. DOCUMENTS The City Council is being asked to approve a number of Resolutions relative to the formation of CFD 97 -1 and to authorize the issuance of Special Tax Bonds related to the construction of certain public improvements. The first Resolution is entitled "A Resolution of the City Council of the City of Moorpark of Formation of City of Moorpark Community Facilities District No. 97 -1 (Carlsberg Business Park Public Improvements), Authorizing The Levy of a Special Tax Within The District and Preliminary Establishing An Appropriations Limit For The District." This Resolution restates certain matters that were previously adopted by Resolution No. 97 -1280 entitled "A Resolution of the City Council of the City of Moorpark of Intention to Establish a Community Facilities District and to Authorize the Levy of Special Tax Pursuant to the Mello Roos Community Facilities Act of 1982." In addition, the Resolution declares that those matters contained in the above - stated, previously adopted Resolution were true and correct and that the City Council declares that the District is complex, due to the facilities originally proposed to be financed and that the rescheduling of the public hearing from April 2, 1997 to July 16, 1997 was appropriate and that the Local Goals and Policies for Community Facilities Districts adopted by Resolution No. 97 -1279 are in conformance with the proposed CFD 97 -1 and that certain boundary adjustments are hereby made. In Addition, the Resolution also states that the improvements to be financed are consistent with the Act. Furthermore, the Resolution directs the Finance Director to take certain actions in regards to the preparation of a current roll of special tax levy obligations and to estimate future special tax levies pursuant to the Act. (It should be noted by the City Council that the City will contract with a special tax consultant to prepare the annual tax levies. Such consultant fees, and other on -going City - related expenses, will be a continuing obligation of the District, not of the City). The second Resolution is entitled "A Resolution of the City Council of the City of Moorpark Determining the Necessity to Increase Bonded Indebtedness Within the City of Moorpark Community Facilities District No. 97 -1 (Carlsberg Business Park Public Improvements)." This Resolution restates certain matters previously adopted by City Council Resolutions No. 97 -1280 and No. 97 -1281. It also states the necessity to incur bonded indebtedness in the maximum aggregate principle amount of $7,800,000 for a term not to exceed thirty (30) years. The third Resolution, entitled "A Resolution of the City Council of the City of Moorpark Calling Special Election," reiterates certain actions taken by the adoption of the two 10.MO.07109/97 STFRPT3.02 2 rCr1w previously considered Resolutions. It calls for the City Council to call a special election to consider the measure, describes how the election is to be held, and by what method the balloting shall be accomplished. Given that the proposed District has fewer than 12 persons, the City Council will make a determination that the qualified electors are the landowners within the District. In addition, the Resolution states that the City Clerk accepts the ballots of the qualified electors in the City Council Chambers. It also states that the City Council finds that the provisions of the numbers of minimum days following the adoption of the Resolution of Formation have been met. The fourth Resolution is entitled "A Resolution of the City Council of the City of Moorpark Declaring Results of Special Election and Directing Recording of Notice of Special Tax Lien." This resolution states that issues presented at the special election were the incurring of a bonded indebtedness in the maximum aggregate principal amount of $7,800,000, the levy of a special tax to be levied in accordance with the "rate and method ", and that other related issues were approved by more than two - thirds of the votes cast at said special election. In addition, the Resolution states that the District is fully formed with the authority to incur bonded indebtedness and to levy special taxes as provided in the preceding and in the Act. The fifth Resolution is entitled "A Resolution of the City Council of the City of Moorpark Determining and Levying the Special Tax in Community Facilities District No. 97 -1 for Fiscal Year 1997 -98." This Resolution determines the special tax levy as shown in Exhibit A, attached to the resolution. It also directs the County of Ventura Auditor - Controller to prepare a real property tax statement for each parcel within the District and to take certain other actions necessary for the future collection of taxes. (Please note that Exhibit A is incomplete. The actual special tax numbers will be handed out the to City Council prior to the meeting on July 16th.) Prior to adopting the sixth and final Resolution, the City Council is being asked to consider the first reading of "An Ordinance Levying Special Taxes Within the City of Moorpark Community Facilities District No. 97 -1 (Carlsberg Business Park Public Improvements)." This proposed Ordinance states by the passage of said Ordinance, that the City Council authorizes the levy of special taxes within the District in accordance with the adopted rate and method of apportionment set forth in a previously adopted Resolution and hereby authorizes the Finance Director to take certain actions related to determining the amount of the special tax and to implement its collection. The sixth and final Resolution to be considered by the City Council is also the final action to be taken tonight relative to CFD 97 -1. The final resolution is entitled "A 18,M0.07109/97 STFRF73.02 3 Resolution of the City Council of the City of Moorpark Authorizing the Issuance of Special Tax Bonds of the City of Moorpark for Community Facilities District No. 97 -1 (Carlsberg Business Park Public Improvements), Approving and Directing the Execution of a Fiscal Agent Agreement, and Approving Other Related Documents and Actions." This Resolution simply states that the City Council has conducted certain proceedings under the Act to form CFD 97 -1 and has authorized the levy of a special tax. It further states that now that these actions have taken place, and that the City Council is now authorizing the issuance of an aggregate principal amount not to exceed $10,500,000 of Special Tax Bonds. In addition, the Fiscal Agent Agreement between the City and First Trust of California National Association is hereby considered and approved, the "bond purchase contract" between Miller and Schroeder Financial, Inc. and Seidler- Fitzgerald Public Finance is also approved as well as the Official Statement in the form presented. RECOMMENDATION 1. It is recommended that the City Council approves the five above - presented Resolutions and introduce the above - presented Ordinance for first reading. 2. Schedule another City Council meeting on July 23, 1997 (which is seven (7) days after the first reading of the Ordinance) for its second reading. 3. The City's Special Tax Consultant, Bond Counsel and Financial Advisor will be at the meeting to answer any questions and to assist the City Council through the public hearing process. 18.MO.07/09/97 STFRPT3.02 4 N41All